Fed Chair Powell Provides Update on US Central Bank Digital Currency
Federal Reserve Chairman Jerome Powell has provided an update on the Fed’s central bank digital currency (CBDC) work in a hearing before the House Financial Services Committee. While stating that the Fed is “making progress on technological issues,” Powell stressed that “policy issues are equally important.” Fed Chair Powell on CBDC Progress During a hearing before the House Financial Services Committee on Wednesday, Congressman Stephen Lynch (D-MA) asked Federal Reserve Chairman Jerome Powell for an update on the Fed’s work regarding a possible central bank digital currency (CBDC), the digital dollar. Congressman Lynch serves as Ranking Member of the Subcommittee on Digital Assets, Financial Technology and Inclusion. Regarding where the Fed is at on its CBDC work, Powell said: We engage with the public on an ongoing basis. We are also doing research on policy and also on technology. That’s what we’re up to. Noting that the Fed “did go out for comment, in general, on the CBDC a